Financial services group Ravenscroft is to acquire Royal London Asset Management CI and Royal London Custody Services CI to expand its existing cash management offering.
The two businesses are being bought for an undisclosed sum from Royal London Mutual Insurance Society, with all five employees moving across to Ravenscroft as soon as the sale is completed.
The acquisition, which is subject to approval by the Guernsey Financial Services Commission, will increase Ravenscroft’s assets under administration to more than £6.5bn.
Mark Bousfield, Group Managing Director of Ravenscroft, commented: "Our existing cash management clients will benefit from their service being provided by a well-respected team, and it also gives Ravenscroft immediate scalability. Royal London CI’s clients will see no changes and will liaise with the same familiar faces."
The two companies will be rebranded as Ravenscroft.